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Is it a good or bad idea buying a mobile home that's been foreclosured?
Foreclosure or not doesn't matter.
Quote:
Originally Posted by John1960
Will a bank loan money on a mobile home?
Sure, but not all banks. Might need to ask around realtors or mortgage brokers.
Quote:
Originally Posted by John1960
How hard is it to sell in the future?
Yup. Mobile homes typically decrease in value over time, similar to cars. Its not like a normal house. The older the mobile home, the harder to get financing, just like a car. That said, your land may increase in value so it may offset your losses. But maybe not.
The only way I would buy a mobile home is if it were on its own plot of land (many aren't, so even after you pay off the mobile home, you still have to pay lot rent every month). If I were to find a mobile home on, say, 20 acres with a septic system and well in great condition, I might buy it and live in it while I built my dream house on that plot of land. Other than that, probably not (and honestly, $120,000 sounds really high for a mobile home, even on >1 acre!).
I am curious, what is nearby -- i.e., is that neighborhood full of mobile homes on large lots or are its neighbors "regular" single-family homes?
The setting is beautiful. I lived in Tn. for awhile, and these kind of set ups are the norm, so it wouldnt bother me there as much as other states. The home looks in great condition on the outside, is the inside as nice? Do you know what the land is worth without the home? I'd kinda base it on that. I wouldnt say buying a mobile is a bad idea if the land is worth close to what I'm paying.
Yes they do go down in value, but most folks havent seen how amazing they are on the inside now days. I see some that put most "real" houses to shame. Any idea how long you'd want to live in it before selling? I dont see this as any more of a gamble than buying any real estate in this economy. Good luck whatever you decide.
One thing to consider before you walk away from the opportunity is the law of Supply & Demand. So whereas Mobile Homes may decrease in value over time, the "affordable" housing market sets the going rates.
One thing to consider before you walk away from the opportunity is the law of Supply & Demand. So whereas Mobile Homes may decrease in value over time, the "affordable" housing market sets the going rates.
There's always a need, just sayin..
yup- around here (NE PA) I don't think they depreciate all that much if well maintained. More than a house but less than a single wide on its own land.
How likely are you to move? Why consider resale before you buy? if you're buying a place to live for years, I'd definitely look at this place. If you're looking for a short term (<5 yrs or so) you might want to talk to a realtor, lender, or just watch the market for a while.
If its on a permanent foundation, it isn't a "mobile" home. At the current asking price, it doesn't look to have "depreciated" at all. The cost to buy a new one, an acre of land, foundation, well, septic, etc would likely be in the ballpark of the current asking price.
I would be curious what the price of surrounding stick houses go for in that area. They probably will be older than that mobile home, but may be a better investment in the long run if in good solid condition. A big factor would be, as others have said, how long you plan to stay. Also location, location, location. $120,000 on a foreclosed mobile home seems awfully high, unless the land is valuable.
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I lived in Tn. for awhile, and these kind of set ups are the norm, so it wouldnt bother me there as much as other states. The home looks in great condition on the outside, is the inside as nice? Do you know what the land is worth without the home? I'd kinda base it on that. I wouldnt say buying a mobile is a bad idea if the land is worth close to what I'm paying. 